Oil & iron ore bounce back: Aus shares 0.5% higher at noon | Finance News Network

Oil & iron ore bounce back: Aus shares 0.5% higher at noon

Market Reports

by Jessica Amir

The Australian share market has rebounded back above the 6,000 mark, following global markets come back

The energy sector leads the way and most of the sectors higher after the crude oil price surged over 2 per cent on OPEC states and non-states sticking to a global pact on cutting oil supplies till the end of 2018.

The second best sector today, is materials (miners) after iron ore price rose 3 per cent to US$65.78 and its futures are pointing to a rise of 0.3 per cent. Fortescue (ASX:FMG) is over 2.1 per cent higher (leading the major miners higher), but it’s lithium companies that are really out of in front with Galaxy Resources (ASX:GXY) up a massive 5.7 per cent.

The S&P/ASX 200 index is 33 points or 0.5 per cent higher at 6,017. On the futures market the SPI is 17 points higher.

Economic news

Private new capital spending rose 0.4 per cent in March, according to the ABS, which came in-line with market expectations. It was however a dip compared to the prior months 0.5 per cent lift in spending.

Company news

The Bank of Queensland (ASX:BOQ) has reached a confidential settlement of a Class Action, after it was approved by the court yesterday. The claims were instigated by Peterson Superannuation Fund, on behalf of those who received advice from Sherwin Financial Planners (which is now in liquidation). The bank reiterated the settlement will not have an impact on its statutory profit this financial year. Shares in The Bank of Queensland (ASX:BOQ) are trading 0.9 per cent higher at $10.24.

Bellamy’s Australia (ASX:BAL) is continuing its strong rally, claiming one of the best performing posts today. It however lost a major shareholder today after the Norges Bank, which is the Central Bank of Norway, closed out their major position or holding in the organic baby food company. Shares in Bellamy’s Australia (ASX:BAL) are trading 6.9 per cent higher at $17.85.

Listings

Unibail-Rodamco-Westfield (ASX:URW) started trading today The owner and operator of commercial property portfolio in Europe, United Kingdom and the US, which snapped up Westfield (ASX:WFD), opened at $14.65 and it's trading at $14.75.

Best and worst performers

The best performing sector is energy adding 2.5 per cent, while the worst performing sector is property, shedding 0.4 per cent.

The best performing stock in the S&P/ASX 200 is Bellamy's Australia Limited (ASX:BAL), rising 6.9 per cent to $17.85, followed by shares in Galaxy Resources Limited (ASX:GXY) and Nine Entertainment Co Holdings Limited (ASX:NEC).

The worst performing stock in the S&P/ASX 200 is MYOB Group Limited (ASX:MYO), dropping 5.6 per cent to $2.89, followed by shares in Retail Food Group Limited (ASX:RFG) and Genworth Mortgage Insurance Australia Limited (ASX:GMA).

Asian markets

Japan’s Nikkei has added 0.5 per cent, Hong Kong’s Hang Seng has added 0.5 per cent and the Shanghai Composite has gained 0.8 per cent.

Commodities and the dollar

Gold is trading at $US1,302 an ounce.
One Australian dollar is buying 75.62 US cents.

Cryptocurrencies

Bitcoin trade at US$7,372, Ethereum trades at US$559 and EOS is at US$12.16.